How to Write a Business Progress Report in 2023? 8 Examples and Ideas

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Here’s a common misconception about business progress reports: their primary purpose is to give people a basic update on your current project. Contrary to what their name implies, progress reports are actually not meant to simply state what you did or didn’t do in the previous period.

But if this is true, then what on earth are they supposed to do? So much more.

Instead of being the kind of executive that lazily lists basic info in their reports, we’re going to explain how to write well-structured documents that are truly beneficial to everyone in the company. We’ll include business progress report examples in our article, so keep reading if you need advice and examples for your next business review.

This article will cover:

• What is a Progress Report in Business?
• Why Is a Progress Report Important?
• Progress Report Frequency
• Progress Report Types
• Progress Report Format
• How Do You Write a Business Progress Report
• Progress Report Writing: Best Practices
• Progress Report Examples
• How to Automate Business Reporting with Databox

What is a Progress Report in Business?

Exactly what it says on the tin. It’s a report on the progress of a project, business goal, or a business as a whole.

Of course, making the report clear, eye-catching, and actionable goes without saying, but what else does it need to be?

While it can cover many topics, its main purpose is stakeholder engagement. You’re writing it for managers, leadership, and other interested parties. So keep in mind who you’re writing it for and whose point of view you’re catering to. This should help you structure it and present it in a way that’s relevant to their interests.

Why Is a Progress Report Important?

Again, the concept isn’t complicated. Stakeholders need to be informed about the progress of ventures they’re a part of. Progress reports give people an overview of how well things are going and whether something needs to be addressed so the company could fulfill its goals. It can be made to impress stakeholders by how well you’re handling your part of business, but mostly you should keep it honest and point out both good and bad aspects of a plan.

If something has gone wrong or has the potential to go wrong, there are people who need to know about it. The circumstances don’t matter, and being honest is the best way to conduct business. If workers and stakeholders don’t know what’s going on, that means they can’t react and adjust their plans accordingly. Basically, don’t use progress reports to cover for your mistakes — own up to them if you’ve made them, and try to present solutions. That will get you much more respect than misleading people.

In addition, a progress report lets people know when a certain project or a milestone will be completed. This includes predictions and estimates. Other people from the company or clients can adjust their plains to take the timetable into the account or step in to help if they need something done more quickly.

Learn more about the benefits of progress reporting straight from the pros in our roundup.

Progress Report Frequency

The reporting frequency depends on a variety of factors, including team and project size, project scope, the type of common activities, etc. Daily and weekly reports are usually done at the team level, while quarterly and annual ones are usually submitted to upper management, clients, and stakeholders. Monthly reports can fall into either category.

• Daily progress reports – These are short progress reports meant to update the team manager. There’s not much detail; they’re just an overview of completed tasks and any problems that may have come up. Most teams don’t even need them.
• Weekly progress reports – These are more expansive versions of daily progress reports. Still contained between managers and team members, they’re broader in scope and can include more detailed information. In addition, weekly progress reports can be used to plan the agenda for the upcoming week.
• Monthly progress reports – The end of the month is an excellent time to update the business as a whole about a department’s progress. It’s best to deliver it as an overview and to shine a spotlight on top performers.
• Quarterly progress reports – This is the time for quarterly business reviews. While the report focuses on big picture goals and doesn’t go into detail about specific tasks. It’s often useful to build several such reports and tailor them to specific audiences.
• Annual progress reports – Annual reports are THE progress reports you need to focus on. They’re usually scheduled near the end of the year and are aimed at the leadership and major stakeholders. The focus is on big achievements, lessons learned, and plans for the next year.

Progress Report Types

Progress reports can be categorized according to their purpose and format. Not every team, company, or project will need each type of business report. Since reporting is very time-consuming and can even waste time if not done well, consider each business report type carefully and determine do you need it and how often you need to build them.

• Timesheets – Daily progress reports can be replaced with simple timesheets. You can use a simple table to have workers record the time spent working on particular tasks or turn to specialized software. This method saves time and ensures the management doesn’t have to deal with the minutiae of tasks in progress unless it’s necessary.
• Expenses – Monitoring project overhead is a great way to ensure you’re on track with the budget. They allow you to compare budgets with results and actual goals achieved during implementation. There’s no reason to have these reports at anything less than a monthly or even quarterly level.
• Project portfolio – This type of report shows how various elements of a project interact. It relies on high-level data and is used to improve workflows, project processes, and ROI.
• Resource workload – Resource reports break down the project- or business-level resource assignments. This covers materials, staffing, and other types of resources. They’re primarily used to assess resource allocations and determine how to best utilize existing ones and plan for the acquisition of new ones.
• Overall project status – This is what most people think of when they imagine a business progress report. It’s a bird’s-eye view of the project(s) that shows the overall situation. It focuses on overarching goals, milestones completed, and any issues that came up along the way.

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